Nationalisation has been tried before and failed every time.
Labour's plans to nationalise the National Grid would mean more borrowing, higher bills and tax hikes for hardworking families.
- Jeremy Corbyn’s ideological plan for the state to seize these companies would cost an eye-watering £100 billion and saddle taxpayers with their debts, meaning more borrowing, higher bills and tax hikes would be inevitable.
- The Labour plans yesterday wiped nearly £1 billion off the value of the National Grid. most of this cost will not be carried by rich people but ordinary pensioners and ordinary working people - most shares in these countries are not owned by individuals but by pension funds and investment trusts which look after the savings of today's pensioners and future ones.
- Millions of pounds of that loss was wiped off the value of pension funds.
- And as is always the case with Labour there is no plan for how they would pay for this costly programme to take the national grid into state ownership.
Why this matters:
While Labour’s ideological renationalisation plans would hurt hardworking families, the Conservatives are taking practical steps to protect people from unfair bill rises and increasing renewable electricity to a record high.